Geregu Power, an electricity generation company has announced that it will be listing 2.5 billion ordinary shares of 50 kobo each at a share price of N100 per share on the Nigerian Exchange.
Geregu Power will be the first electricity company- generation, transmission, or distribution that will be listed on the Exchange in Nigeria’s history.
According to regulatory documents released the listing would be made official in Lagos on Wednesday.
Temi Popoola, chief executive officer (CEO), NGX, described the proposed listing as a great feat for the company and the exchange.
“We are pleased to inform you that Geregu Power Plc will be admitted on the Main Board of NGX by way of Listing by Introduction on October 05, 2022,” Popoola said.
“Once again, we congratulate the board, management, and staff of Geregu Power Plc for this great feat. We look forward to hosting you at the Exchange ON October 25th or 26th, 202, for a closing gong ceremony to commemorate the listing.
“The Exchange will continue to maintain its commitment to delivering a regulated, transparent and efficient market whilst providing issuers visibility and access to a diversified investor pool.”
The power company was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN).
Located in Ajaokuta, Kogi state, the company is wholly-owned and operated by Amperion Power Distribution Company Limited (APDCL).
The power company was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN).
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In 2013, Amperion Power, a subsidiary of Forte Oil Plc, now Ardova Plc, acquired the Geregu power plant and invested $94 million in the power plant.
After another $350 million investment in the plant in 2018, Femi Otedola, Chairman of Geregu Power Plant said the acquisition was a sign of his commitment to the federal government’s power sector recovery plan.
In 2019, Otedola disclosed plans to shift his focus to power generation. The company was among the 16 firms shortlisted by the Bureau of Public Enterprises (BPE) for the acquisition of five National Integrated Power Projects (NIPPs).
Source: The Cable